Tax Section - Doing Business
You will find here a series of summaries providing an overview of useful tax regulations, processes and tax issues for Doing Business in Thailand.
Information / documents required for the local transfer-pricing file
Under Section 71 ter of the Revenue Code, corporate taxpayers which have related parties, as defined by the Revenue Department, and which have annual turnover of at least THB 200 million, are required to prepare and file a transfer-pricing disclosure form within 150 days of the end of the accounting period. The Revenue Department may send a written notice to corporate taxpayers to submit transfer-pricing documentation (“local file”) up to five years after the date on which the transfer-pricing disclosure form is filed.
Application form for a good or registered exporter
Recently, the Revenue Department announced that it would cancel the existing application form for requesting to be classified as a good exporter (Form SorDor 1) and the existing application form to be classified as a registered exporter (Form SorTor. 1), and would merge those two application forms into a single form to be called, “Application form for being classified as a good exporter or registered exporter” (Form SorOr. 1).
Additional tax deduction for the purchase of antigen test kits
On 14 September 2021, the Cabinet approved a draft Royal Decree under the Revenue Code relating to tax measures to support the purchase of COVID-19 test kits (antigen test kits), as proposed by the Ministry of Finance.
Extension of the reduced VAT rate
Currently, the VAT rate is reduced from the normal rate of 10% to 7%. This reduction was set to expire after 30 September 2021, unless another law was passed extending the reduced VAT rate.
Waiver or reduction of tax penalties
In addition to the extension of the tax filing deadlines to mitigate the impact of COVID-19, the Ministry of Finance also announced on 24 August 2021 that it would waive or reduce tax penalties.